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Thread: Gbp/usd seems firmer after brexit affect

  1. #1
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    Default Gbp/usd seems firmer after brexit affect

    The GBP/USD pair is on a steady recovery path so far this session, although the bulls failed to survive above 1.25 handle, as sentiment remains subdued amid weaker commodities’ prices and mixed Asian equities.

    Cable remains supported amid stalled USD buying across the board as the treasury yields remain largely suppressed, while impressive Chinese services and manufacturing reports soothed China slowdown concerns and lent support to the risk currency GBP.

    Currently, GBP/USD is trading at 1.2471, up + 0.02%, having posted a daily high at 1.2508 and low at 1.2459.

    GBP/USD technical levels:
    In the 4 hours chart, the pair remained below a bearish 20 SMA, with a spike beyond it being quickly reverted, while technical indicators have turned lower around their mid-lines, indicating that buying interest receded ahead of Wall Street's close. The downward potential, however, remains limited, with only a break below the 1.2330/40 region signaling a steeper decline ahead. Support levels: 1.2445 1.2400 1.2365 Resistance levels: 1.2490 1.2520 1.2560.
    Last edited by Rizal; 03-31-2017 at 10:15 AM. Reason: outside link forbidden

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    Default

    GBP/USD Current price: 1.2804
    After yesterday, the pound made a modest retreat in the market on Thursday. It preserved key technical levels that broke during Wednesday’s rally.

    The GBP/USD pair failed several attempts to regain 1.28 handle in early Asia, and now wavers in an almost 20-pips trading range, as persistent US dollar strength across the board keeps the prices in check.

    However, the spot manages to find some support from risk-on trades amid positive Asian stocks and oil prices, which buoys the sentiment around the risk currency GBP.

    GBP/USD LEVELS:
    Momentum above 1.2860 (daily high) could lift the pair above 1.2912 (flash rally high), beyond which a test of 1.2950 (psychological levels) is imminent. Conversely, a break below 1.2773 (daily low), leading to a subsequent break below 1.2750 (psychological levels) is likely to drag the pair towards testing its next support near 1.2706 (5-DMA).

    TREND INDEX
    Strongly Bearish

    AVG SELL PRICE
    1.2781

    AVG BUY PRICE
    1.2528

    To know the stop loss and target price for the forex pairs stay updated with forex tips and forex trading signals.

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